The Honda Prologue was the most leased non-Tesla EV in the first quarter

The Honda Prologue continues to surprise, ranking among the top ten most leased vehicles (gas-powered or EV) in the US in the first quarter. It was the only EV, outside of Tesla’s Model Y and Model 3, that made the list.

Honda Prologue EV ranks among most leased vehicles

After launching the Prologue in the US last March, Honda’s electric SUV took off. In the second half of the year, it was the second-best-selling electric SUV, trailing only the Tesla Model Y.

The Prologue remains a top-selling EV in the US this year, with over 13,500 units sold through May. That’s not too bad, considering it only sold 705 through May of last year.

According to a new Experian report (via Automotive News), Honda’s success is being driven by ultra-affordable lease rates. In the first quarter, nearly 60% of new EV buyers in the US chose to lease, up from just 36% a year ago.

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Three EVs ranked in the top ten most leased vehicles, including the Tesla Model Y, Model 3, and Honda Prologue.

Tesla’s Model Y and Model 3 took the top two spots, while the Honda Prologue ranked number seven. Those who leased Tesla’s Model 3 paid $402 per month, Honda Prologue lessees paid $486 a month.

Given the average loan rate was $708 a month for those who bought it, it’s no wonder nearly 90% chose to lease. Under 9% chose to buy, while less than 2% paid cash.

The discounts are piling up, but for how long?

To give you a better idea, the average monthly payment for a new vehicle lease in the US in the first quarter was $595.

With over $20,000 in discounts, Honda’s luxury Acura brand is selling a surprising number of EVs in the US. The nearly $65,000 Acura ZDX is sold for under $40,000 on average in May, according to Cox Automotive’s EV Market Monitor report for May.

The trend is primarily thanks to the $7,500 federal EV tax credit, which is being passed on to customers through leasing.

With the Trump administration and Senate Republicans aiming to kill off federal subsidies, the savings could soon disappear. If the Senate’s recently proposed bill is passed, the $7,500 credit would expire within 180 days. It would not only make electric vehicles more expensive, but it would also put the US further behind China and others leading the shift to electrification.

Some automakers, including GM, are expected to continue offering the incentives. “GM has been very competitive on the incentives on their end, and that is not scheduled to end.”

After outselling Ford, GM’s Chevy is now the fastest-growing EV brand in the US through May. Chevy is starting to chip away at Tesla’s lead, largely thanks to the new Equinox EV, or “America’s most affordable +315 range EV,” as GM calls it.

According to Xperian, those who leased a new Chevy Equinox EV in Q1 paid $243 less than those who financed it. The electric Equinox stood out in Cox Automotive’s EV Market Monitor report with an average selling price under $40,000, even without incentives.

The Chevy Equinox EV remains one of the most affordable EVs on the market. Starting at just $34,995, the base LT FWD model offers an EPA-estimated range of 319 miles.

Looking to test out some of the most popular EVs for yourself? With Honda Prologue leases as low as $259 per month and Chevy Equinox EV leases starting at just $289 per month, the deals are hard to pass up right now while the incentives are still here. You can use our links below to find models in your area.